THE READ 22 red-flag mentions across this year's filings, led by dilution and delisting / exchange risk, and 82 since 2001, so this is a long-running pattern; share count jumped 53% in a year (holders are being diluted fast); only about 4 months of cash at the current burn rate.
20-F filed 2026-03-26 is the most recent annual or quarterly report on record. Public companies must file at least every few months, so past ~150 days of silence usually means late filings, a trading suspension, or a company quietly deregistering. Everything else on this page still cites its filing; just know the record itself has gone stale.
We read every document this company filed with the SEC this year and counted the classic danger phrases. Where wording can be misleading, we open the actual documents and separate real warnings from accounting boilerplate. Each hit links to the exact document.
An ATM lets the company print and sell new shares into the market any day it wants. Every print dilutes your slice.
EVIDENCE: [1] 424B5 FILED 2026-01-12 · [2] 424B5 FILED 2026-01-05 · [3] 424B5 FILED 2026-03-24
A reverse split shrinks the share count to lift the price above $1. Repeat reverse splits are the classic death-spiral signature.
Auditors flagged substantial doubt the company survives the next 12 months without new money.
The exchange has threatened to kick the stock off. Delisting pressure usually ends in a reverse split or a fire-sale raise.
EVIDENCE: [1] 6-K FILED 2026-05-08 · [2] 20-F FILED 2026-03-26
SOURCE: FULL-TEXT SEARCH OF THE COMPANY'S OFFICIAL SEC FILINGS. "REAL WARNINGS" = WE OPENED THE LINKED DOCUMENTS AND FILTERED PHRASES WRAPPED IN NEGATIONS, RESOLUTION LANGUAGE OR STANDARD CONTRACT TERMS. "AT LEAST" = MORE DOCUMENTS CARRY THE PHRASE THIS YEAR THAN WE COULD OPEN AND READ.
How many shares exist, over time, exactly as the company reported in its own filings. In microcaps, a rising share count is how holders pay for everything: salaries, debts, and bad deals. Sudden collapses in the line are reverse splits, marked below.
SOURCE: THE COMPANY'S OWN REPORTED SHARE COUNTS ACROSS 3 FILINGS, STRAIGHT FROM SEC RECORDS
CHECKING OFFICIAL SPLIT RECORDS…
Type how many shares you hold. The math is plain division on the company's own reported counts.
Cash in the bank against how fast the company burns it. When this hits zero, the next stop is usually a desperate raise at bad terms, and existing holders pay through dilution.
RUNWAY = CASH ON HAND ÷ MONTHLY CASH BURN. SIMPLE ARITHMETIC ON THE COMPANY'S OWN REPORTED NUMBERS, NOT A PROJECTION.
The latest filings, translated into holder impact. Every number cites its form, date and SEC link.
Shares outstanding rose 12.82M to 19.67M (+53.4%) between 20-F 2024-12-31 and 20-F 2025-12-31 (dilution).
NOW: 19,666,030 as of 2025-12-31 (20-F, filed 2026-03-26)
WAS: 12,817,092 as of 2024-12-31 (20-F, filed 2025-03-21)
Cash and equivalents fell $2.37M to $2.16M (-$206K, -8.7%) between 6-K 2025-06-30 and 20-F 2025-12-31.
NOW: $2.16M as of 2025-12-31 (20-F, filed 2026-03-26)
WAS: $2.37M as of 2025-06-30 (6-K, filed 2025-08-28)
Total assets fell to $5.31M (from $6.33M, -16.2%) between 6-K 2025-06-30 and 20-F 2025-12-31.
NOW: $5.31M as of 2025-12-31 (20-F, filed 2026-03-26)
WAS: $6.33M as of 2025-06-30 (6-K, filed 2025-08-28)
Total liabilities rose to $1.33M (from $1.24M, +7.4%) between 6-K 2025-06-30 and 20-F 2025-12-31.
NOW: $1.33M as of 2025-12-31 (20-F, filed 2026-03-26)
WAS: $1.24M as of 2025-06-30 (6-K, filed 2025-08-28)
Revenue rose $932K to $1.05M (+12.3%) between the period ended 2024-12-31 and the period ended 2025-12-31 (20-F).
NOW: $1.05M as of 2025-12-31 (20-F, filed 2026-03-26)
WAS: $932K as of 2024-12-31 (20-F, filed 2026-03-26)
Monthly operating cash deficit ~$485K ($-5.80M over the period ended 2025-12-31 in 20-F). Against $2.16M cash is roughly 0.4 years of runway (4 months).
NOW: $-5.80M as of 2025-12-31 (20-F, filed 2026-03-26)
NO CRITICAL-ITEM 8-Ks ON FILE IN 24 MONTHS: NO BANKRUPTCY PAPERS, DELISTING NOTICES, AUDITOR CHANGES OR WITHDRAWN NUMBERS. SILENCE HERE IS THE GOOD KIND.
NO 8-K IN THE LAST 7 DAYS. SILENCE IS NOTED TOO.
A rules-based reading of the cited filing facts: a range with reasons, never a prediction.
HOW THE BRACKET IS BUILT: BOOK EQUITY OF $0.1605/SHARE AT 0.5-1.0X · MULTIPLES STRIPPED: UNDER A YEAR OF CASH AT THE CURRENT BURN, SO THE BRACKET CAPS AT WIND-DOWN CASH · CASH FLOOR: $0.1098/SHARE IN A WIND-DOWN.
Shares outstanding grew 53.4% between the last two reported quarters, a heavy dilution event.
Revenue was roughly flat (+12.3% period over period).
Fair-value range anchored to cited facts: $0.0803 to $0.1318 per share.
Cash of $2,159,313 funds under half a year of operating burn, a hard going-concern pressure without fresh capital.
METHOD: DETERMINISTIC RULES OVER CITED SEC FILING FACTS: SHARE-COUNT CHANGE BETWEEN THE LAST TWO REPORTED QUARTERS (DILUTION), CASH-TO-BURN RUNWAY FROM THE MOST RECENT OPERATING CASH FLOW, PERIOD-OVER-PERIOD REVENUE GROWTH, AND A FAIR-VALUE RANGE ANCHORED TO CASH PER SHARE VS PRICE. THRESHOLDS ARE TUNABLE IN APP/VERDICT_ENGINE.PY. NOT A PREDICTION.
Every time an officer, director or big owner trades shares, the law makes them file a Form 4 within two business days. We read the actual filings: who traded, what kind of trade, how big, at what price.
The company's most recent SEC paperwork, newest first.
SOURCE: THE COMPANY'S SEC FILING INDEX
Public records that most investors never check, cross-checked against what the company claims. This is where shells slip up.
SOURCES: PUBLIC DOMAIN REGISTRATION RECORDS (FOUND IN THE COMPANY'S OWN FILING SIGNATURES) · THE COMPANY'S SEC FILING INDEX · OFFICIAL US SANCTIONS LIST · QUARTERLY 13F FILINGS VIA EDGAR FULL-TEXT SEARCH · LEGAL-IDENTITY, SITE-HISTORY, CERTIFICATE, REGISTRANT-HISTORY AND DNS SLOTS STREAM IN FROM FREE PUBLIC REGISTRIES WITHOUT BLOCKING THIS PAGE.
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SOURCE: THE COMPANY'S SEC FILING INDEX